Many long-standing retail chains are highly indebted, often from leveraged buyouts led by private equity firms, while investors reconsider further lending.
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Economic expansion remains broad-based, driven by private consumption and business investments, while export growth is sustained by the eurozone demand.
In 2018 and 2019 economic growth is expected to moderate somewhat but to remain robust, with private consumption and investment remaining the key drivers.
A potential downside risk to the economic performance could be the high household debt in case of sharp house price decreases and interest rate increases.
British business insolvencies are expected to rise again in 2018, mainly affecting businesses active in the construction, retail and hospitality sectors.